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The Birmingham-based bank – whicnh encountered a nearly 400 percent spike inits non-accrua loans late last year and has a high concentratiom of commercial real estate loans entered into an agreement with the Office of the Comptrollerd of the Currency to improve earnings, strengthen its liquidity positioj and reduce its “high level of credigt risk,” according to public The agreement, finalized on March 26, also callws for the bank to implement procedures to strengthemn its credit underwriting, especiallyu in its commercial real estat e portfolio, and receive written approval beforwe accepting brokered deposits.
The bank must now documentt specific reasonsfor extending, renewing or restructuring loanxs on its balance sheet. Red Mountaih CEO Mike Washburn said the bankraiserd $3 million in fresh capitakl to its coffers by selling sharesw to new and existing stockholders. And the bank started reducing its commercialp real estate exposure in early 2008 and is now shiftinfg its lending focus to land development and small andmidsized businesses.
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